Global traders track Indo-Pakistan tensions amid delays at ports
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Foreign importers are seeking updates from their Indian suppliers on the elevated geopolitical tensions with Pakistan amid slow cargo movement in certain ports, while some banks are taking longer to check documents related to shipments bound for Turkiye, exporters said, though ruling out any major concern in trade."There were alerts for ports such as Chennai due to which cargo movement slowed a bit but there were no major issues," said Rafeeque Ahmed, chairman of Farida Group, one of India's largest shoe manufacturers and exporters.Exporters said American clients are worried because Chinese goods are not going there due to higher tariffs and they had pegged their hopes on Indian exports . The US government had raised tariffs on Chinese goods to a combined 145%, making imports from India more attractive.A Gujarat-based exporter of readymade garments said it had inquiries and visits from buyers to place new orders of products which they used to source from China earlier as higher American tariffs on Chinese goods made Indian products more attractive."As soon as the escalations started, they got worried. Buyers who were in India left immediately and those who planned to come, cancelled their trips at the last moment," the exporter said, adding overseas clients are regularly taking updates regarding the situation."Banks are taking more time to clear the Letter of Credit (LoC) for goods bound to Turkiye. They are checking and verifying such documents more," said a Delhi-based exporter of apparel. Turkiye has been actively supporting Pakistan, especially in the latest border escalation. It has supplied drones and other military equipment to Pakistan.According to a Kolkata-based yarn and fabric exporter, there were small concerns on outward export traffic due to restrictions on ports. "No one expects the tensions to go on for long but local markets are feeling the pinch," he said."It is too early to say but if the tensions continue then freight rates and insurance costs may go up," said Sanjay K Jain, managing director, TT Ltd, a textile maker.
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